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Business Contract: Purchase of Property
b) Survey.
If the Purchaser desires a survey of the Property, it may have the Property
surveyed at its expense prior to the closing date. If the survey shows encroachments on
the Property herein described, or that the improvements located on the Property herein
described encroach on other lands, written notice of that effect shall be given to the
Seller and Seller shall have the same time to remove such encroachments as is allowed
under this Agreement for the curing of defects of title (see Section III a) herein). If the
Seller shall fail to remove or cure said encroachments within the period of time, then the deposit this day paid shall be returned to Purchaser and all rights and liabilities arising hereunder shall terminate, or Purchaser may close this transaction in the same manner as if no defects had been found.
IV. PROVISIONS WITH RESPECT TO CLOSING.
a) Closing Date. The consummation of the transaction contemplated by this Agreement
("Closing") shall take place at such place as designated by Seller on or before
_____(21)______, or at such earlier date as agreed mutually, unless extended by other
provisions hereof.
b) Seller's Obligation at Closing. At Closing, Seller shall do the following:
Execute, acknowledge, and deliver to Purchaser a Warranty Deed conveying the Property
to Purchaser subject to:
(i) taxes and assessments for year of closing and subsequent years;
(ii) restrictions, easements and zoning ordinances of record, if any;
(iii)public utility easements of record, if any;
(iv) Mortgage to be assumed as described above; Any variance in the amount of said
mortgage from the amount stated herein shall be added to or deducted from either the
cash payment or the second mortgage as the Seller may elect.
(v) Other:
c) Purchaser's Obligations at Closing. Subject to the terms, conditions and provisions
hereof, and concurrently with the performance by Seller of its obligations set forth in
Section IV b) above, Purchaser shall deliver to Seller cashier's check or other immediate
local funds in the amount set forth in Section II of this Agreement.
d) Closing Costs.
Seller shall pay the following costs and expenses in connection with the Closing:
(i) Documentary stamps which are required to be affixed to the Warranty Deed;
Purchaser shall pay the following costs and expenses in connection with the closing:
(i) The intangible tax required by law on the mortgage.
(ii) All recording costs, including recording of the deed, mortgage, and any documents
required in connection with the title insurance commitment.
(iii) The premium payable for the title commitment and title policy issued pursuant thereto.
(iv) Survey work.
e) Proration of Taxes.
Taxes for the year of the Closing shall be prorated to the date of
Closing. If the Closing shall occur before the tax rate is fixed for the then current year,
the apportionment of taxes shall be upon the basis of the tax rate of the preceding year
applied to the latest assessed valuation.
V. PROVISIONS WITH RESPECT TO DEFAULT.
a) Default by Purchaser.
If Purchaser fails to perform this Agreement, the deposit this day
paid by Purchaser as aforesaid shall be retained by or for the account of Seller as
consideration for the execution of this Agreement. In such event the parties agree that
said sum shall constitute liquidated damages since both Purchaser and Seller agree that
actual damages for default or breach of contract could not readily be ascertained at the
date of execution of this Agreement.
b) Default by Seller.
If Seller fails to perform this Agreement, the aforesaid deposit shall be returned to Purchaser and this shall be the sole remedy of Purchaser under this Agreement.
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